Brisbane house prices jump 20%

Courier Mail

Brisbane’s housing price growth has broken the 20 per cent a year barrier. The latest RP Data Rismark Hedonic Index found the growth figure for houses and units in Brisbane rose a combined 20.57 per cent in the year to November.

House values increased by 19.52 per cent in the year and units were up by a staggering 26.35 per cent. Local agents say the strong growth figures will ensure the market remains active over the holiday period. Many agents believe Queensland’s strong housing market will see sales continue right through the weekend. This is despite the week between Christmas and New Year’s Eve traditionally being one of the slowest for the housing industry.

Brisbane agent John Johnston of Dixon Johnston Quality Property said business had been as per normal for his company this week.

“We have sold two penthouses in the city already so far this week and have more than $20 million in offers out on other properties around Brisbane, particularly property on the river that we are currently representing,” Mr Johnston said.

Agents from Harcourts Mt Ommaney, in Brisbane’s west, are so confident of buyer demand they will host two auctions today. Harcourts Mt Ommaney principal Bill Cooper said a Christmas slowdown was just a myth.

“For me it’s a little bewildering that so many agents think that because it’s Christmas time no one is going to buy anything,” Mr Cooper said. “I’ve always believed that people don’t stop buying houses because it’s Christmas.

“I think it slows down because the agents themselves slow down.”

Mr Johnston said the new year generally heralded a slowdown for the Brisbane housing market, which generally did not pick up pace again until the Australia Day long weekend, from January 26.

“(But) both coasts actually might see much heightened buying activity for all residential product during January,” Mr Johnston said.

“Holidaymakers get tempted by the lure of Queensland’s great capital growth history and regularly commit to buy, and often it’s the very properties that they have been renting for their holiday."